TechPassport has introduced its Enterprise Ready Questions (ERQs), developed with input from fifteen tier 1 banks, including HSBC, Morgan Stanley, and Zopa Bank.
ERQs evaluate whether a fintech meets the necessary standards to collaborate with major banks or financial institutions. Their purpose is to expedite the onboarding process, allowing fintechs to integrate into financial institutions more swiftly.
Sean Manahan, global head of business development and partnerships at Morgan Stanley, stated, “Partnerships with early-stage companies are a key part of our strategy to drive new opportunities for our clients and business. This cross-industry initiative provides a platform that establishes a foundation for fruitful partnerships between fintechs and financial services. It empowers fintechs to unleash their innovation potential, enabling them to focus on meaningful contributions and deliver value more rapidly.”
TechPassport highlights three primary advantages of the ERQs: first, they accelerate fintech onboarding, allowing banks and financial institutions to access the latest industry innovations; second, the standardized questions save both time and resources; and third, this new system aids banks in fulfilling the UK government-backed FinTech Pledge.
Layla White, founder and CEO of TechPassport, remarked, “Having worked in the banking sector with major institutions like HSBC, Deutsche Bank, and Lloyds, I recognized the need for a more efficient way to collaborate with fintechs and help them thrive by removing obstacles to entry. This vision led to the creation of TechPassport. As I engaged with other industry leaders, I realized I wasn’t alone in this perspective, which led to the formation of the Banking Think Tanks. We began with three tier 1 banks six months ago, and now we have fifteen collaborators who have contributed to shaping these ERQs that will foster innovation across the industry.”
TechPassport is also a participant in the Citi Bank Accelerator program.